EDU

MKT CAP:$8B

New Oriental Education & Technology Group Inc.

Market Cap

$8B

Consumer Defensive·Education & Training Services·🇨🇳 China·NYSE

Consumer Def.·Education·🇨🇳·NYSE

Stock Price

$54.73-$3.10 (-5.36%)

Apr 22, 2026

Company Details

New Oriental Education & Technology Group Inc. provides private educational services under the New Oriental brand in the People's Republic of China. It operates through K-12 AST, Test Preparation and Other Courses; Online Education; and Oth...

CEO

Chenggang Zhou

IPO Date

Sep 15, 2006

Website

www.neworiental.org

Key Metrics TTM

Revenue

$5.4B

+24.9% YoY

Net Income

$422M

EPS (Diluted)

$2.63

Free Cash Flow

$773M

Revenue / Share

$33.75

Gross Margin

55.0%

Operating Margin

10.2%

Net Margin

7.8%

FCF Margin

14.3%

P/S

1.5x

P/E

19.6x

Earnings Reports

Q3 2026

Apr 22, 2026

NEW

$1.4BEPS $0.80

Q2 2026

Jan 28, 2026

$1.2BEPS $0.28

Q1 2026

Oct 28, 2025

$1.5BEPS $1.50

FY 2025

Sep 25, 2025

$4.9B+13.6%EPS $2.30

Q4 2025

Sep 25, 2025

$1.2B+9.4%EPS $0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$1.2B	$651M	$101M
Q4 21	$1.2B	$633M	-$102M
Q1 22	$1.3B	$667M	$32M
Q3 22	$614M	$241M	-$141M
Q4 22	$524M	$276M	-$106M
Q1 23	$745M	$433M	$78M
Q3 23	$754M	$385M	$66M
Q4 23	$861M	$469M	$48M
Q1 24	$1.1B	$659M	$205M
Q2 24	$870M	$447M	$21M
Q3 24	$1.2B	$563M	$113M
Q4 24	$1.1B	$594M	$11M
Q4 25	$1.2B	$673M	-$9M
Q1 26	$1.5B	$885M	$311M
Q2 26	$1.2B	$636M	$66M
Q3 26	$1.4B	$767M	$182M

Valuation

Quarter	P/S	P/E
Q3 21	2.2x	23.2x
Q4 21	2.0x	47.8x
Q1 22	1.8x	37.5x
Q3 22	1.9x	188.0x
Q4 22	2.3x	—
Q1 23	2.6x	—
Q3 23	3.1x	—
Q4 23	2.9x	—
Q1 24	2.4x	24.2x
Q2 24	2.3x	27.0x
Q3 24	2.0x	26.5x
Q4 24	1.9x	26.7x
Q4 25	1.9x	54.6x
Q1 26	1.6x	22.8x
Q2 26	1.6x	25.8x
Q3 26	1.5x	19.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$108M	-$137M
Q2 21	$411M	$349M
Q3 21	$23M	$23M
Q4 21	$304M	$90M
Q1 22	-$447M	-$447M
Q3 22	-$235M	-$235M
Q4 22	$29M	-$121M
Q1 23	$185M	$185M
Q3 23	$549M	$500M
Q4 23	$422M	$279M
Q1 24	$336M	$203M
Q2 24	$301M	$301M
Q3 24	$109M	$29M
Q4 24	$377M	$208M
Q4 25	$399M	$399M
Q1 26	$192M	$137M

Capital Expenditures

Quarter	CapEx
Q4 20	$245M
Q2 21	$62M
Q3 21	$0
Q4 21	$214M
Q1 22	$0
Q3 22	$0
Q4 22	$151M
Q1 23	$0
Q3 23	$49M
Q4 23	$143M
Q1 24	$133M
Q2 24	$0
Q3 24	$80M
Q4 24	$169M
Q4 25	$65.9K
Q1 26	$55M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+51.6%	+43.3%
Q4 21	+31.3%	+63.1%
Q1 22	+63.9%	+61.9%
Q3 22	-30.8%	-17.9%
Q4 22	-56.0%	-42.2%
Q1 23	-38.5%	-49.3%
Q3 23	-42.4%	-46.1%
Q4 23	+40.1%	+7.6%
Q1 24	+109.9%	+42.1%
Q2 24	+16.8%	+27.2%
Q3 24	+60.1%	+59.1%
Q4 24	+32.1%	+38.6%
Q4 25	+13.0%	+39.9%
Q1 26	+75.1%	+42.8%
Q2 26	-1.1%	+3.1%
Q3 26	+25.6%	+10.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$51M	6.4%
Q2 21	$18M	2.1%
Q3 21	$14M	1.2%
Q4 21	$46M	3.8%
Q1 22	$43M	3.3%
Q3 22	$30M	4.9%
Q4 22	$29M	5.5%
Q1 23	$19M	2.6%
Q3 23	$21M	2.8%
Q4 23	$31M	3.5%
Q1 24	$40M	3.6%
Q2 24	$30M	3.4%
Q3 24	$27M	2.3%
Q4 24	$26M	2.3%
Q4 25	$29M	2.3%
Q1 26	$23M	1.5%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q3 21	$393M	$156M	—
Q4 21	$509M	$194M	—
Q1 22	$469M	$165M	—
Q3 22	$289M	$94M	—
Q4 22	$286M	$96M	—
Q1 23	$256M	$99M	—
Q3 23	$215M	$103M	—
Q4 23	$273M	$148M	—
Q1 24	$318M	$136M	—
Q2 24	$271M	$155M	—
Q3 24	$288M	$161M	—
Q4 24	$376M	$208M	—
Q4 25	$410M	$212M	—
Q1 26	$374M	$201M	—
Q2 26	$374M	$194M	—
Q3 26	—	—	$585M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$1.1B	$3.0B	$4.2B
Q1 23	$1.1B	$3.1B	$4.3B
Q2 23	$1.0B	$3.2B	$4.2B
Q3 23	$1.3B	$3.0B	$4.3B
Q4 23	$1.7B	$2.3B	$4.0B
Q1 24	$1.7B	$2.4B	$4.1B
Q2 24	$1.9B	$2.5B	$4.4B
Q3 24	$2.0B	$2.6B	$4.6B
Q4 24	$1.4B	$3.4B	$4.8B
Q1 25	$1.1B	$3.7B	$4.8B
Q2 25	$1.4B	$3.3B	$4.7B
Q3 25	$1.4B	$2.9B	$4.3B
Q4 25	$1.6B	$3.0B	$4.6B
Q1 26	$1.3B	$3.4B	$4.7B
Q2 26	$1.8B	$3.1B	$4.9B
Q3 26	$1.9B	$3.0B	$5.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	170M	+4.7%	+6.4%
Q4 21	167M	-1.3%	+4.9%
Q1 22	170M	+1.3%	+6.3%
Q3 22	170M	+0.1%	+4.8%
Q4 22	172M	+1.4%	+1.5%
Q1 23	170M	-1.1%	+1.7%
Q3 23	168M	-1.2%	-0.8%
Q4 23	167M	-0.8%	-1.7%
Q1 24	167M	-0.2%	-3.2%
Q2 24	167M	+0.3%	-1.9%
Q3 24	167M	+0.1%	-0.6%
Q4 24	167M	-0.0%	+0.2%
Q4 25	159M	-5.0%	-4.6%
Q1 26	160M	+0.7%	-4.3%
Q2 26	160M	+0.4%	-4.0%
Q3 26	160M	-0.5%	-4.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$17.1K	69K
Q4 21	$13.8K	88K
Q1 22	$14.9K	88K
Q3 22	$7.0K	88K
Q4 22	$11.2K	47K
Q1 23	$16.0K	47K
Q3 23	$16.2K	47K
Q4 23	$17.1K	50K
Q1 24	$21.8K	50K
Q2 24	$17.2K	50K
Q3 24	$23.9K	50K
Q4 24	$16.7K	68K
Q4 25	$16.2K	77K
Q1 26	$19.9K	77K
Q2 26	$15.6K	77K
Q3 26	$18.6K	77K

Revenue / Employee